June112013

I don’t know a lot about tax laws but assuming I live not only in US but also Europe. Will I be forced to pay capital gains on my offshore investments in the US? I read that there’s an 80k a year tax-free loophole provided you are a legal resident of a foreign country and have lived there for at-least a full year. But does this mean that 80k needs to be invested in things outside the U.S. market? Would things like FOREX trading qualify?

Answer:

No. If you are a US citizen or resident, you are taxed for any income or gains earned either domestically or abroad. Failure to report and pay those taxes is tax evasion.

May092013

I don’t know a lot about tax laws but assuming I live not only in US but also Europe. Will I be forced to pay capital gains on my offshore investments in the US? I read that there’s an 80k a year tax-free loophole provided you are a legal resident of a foreign country and have lived there for at-least a full year. But does this mean that 80k needs to be invested in things outside the U.S. market? Would things like FOREX trading qualify?

goldsenze.com Answer:

I don’t know a lot about tax laws about covers everything. Visit IRS.GOV and download the instructions for form 2555 and read them; then a PUB 17 and read it; then find a tax preparer for a condensed lesson on taxes and “how to”. With multiple college degrees and forty plus years of hands on experience I would not want to supply you with information that could be misinterpreted and misapplied and cause you a massive problem and headache.